Bigger Picture

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
A second consecutive higher close Tuesday, preferably above 1.1470, would confirm the basing pattern was launching a rally. Probing above 1.1470 overnight wasn’t repeated intraday, but the higher close held, so any early strength Wednesday would be credible for trending higher.

Gold Feb Contract (GC, ETF: (GLD))
Holding the intraday test of 1237.00-1240.00 was likely to retest the range’s 1255.00 upper-end, which was done overnight. Tuesday’s intraday range hovered under resistance, now able to launch a downleg under 1240.00 alone.

Silver Mar Contract (SI, ETF: (SLV))
Tuesday’s probe above 14.71 didn’t extend into a rally, while an attraction to the gap outstanding at 14.83 hasn’t been rejected.

30-year Treasury Mar Contract (US, ETF: (TLT))
Hovering at the 143-08 buy signal Monday resolved up aggressively. A surge to 143-22 was retraced entirely back down to 143-08 where a gap had formed, which launched a bigger bounce up to 144-00. A second consecutive higher close Wednesday would confirm a bigger rally leg underway. Meanwhile, Wednesday’s FOMC policy statement is being greeted from a position of strength.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing basing pattern was already more than one week overdue to launching a rally without having to break lower first. Tuesday’s flash crashes under 50.00 attacking 46.00 more than compensate for the delay — while also making a near-term recovery unlikely. But bounces have room up to 48.55 if the breakout won’t be confirmed.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Tuesday’s bounce up to Friday’s 3.81 close only neutralized the attraction back to its gap, while creating a new one below at Monday’s close, and still allows room down to 3.33 while forming a bottom.

A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.

Eurodollar Mar Contract (EC, ETF: (FXE, UUP))
Friday’s gap down within the prior low’s range allows a rally to begin without delay. Sunday night’s rally into “higher prior lows” would be credible for extending into a recovery if followed by a second consecutive higher close Tuesday — especially above 1.1470.

Gold Feb Contract (GC, ETF: (GLD))
Friday’s dip down to 1237.00-1240.00 support had held through the close, enabling at least a corrective bounce up to last week’s 1254.50 high. Meanwhile, breaking back under 1240.00 would invalidate the bounce and signal a new downleg underway.

Silver Mar Contract (SI, ETF: (SLV))
Sunday night’s bounce attacked Friday’s break under uptrending support at 14.71. Monday probed above it, still facing resistance at the gap back up to Thursday’s 14.83 close.

30-year Treasury Mar Contract (US, ETF: (TLT))
Still fluctuating Monday between the 141-24/143-08 buy and sell signals gravitated higher to at least touch the buy signal Monday, still needing to trigger or else react down aggressively.

Crude Oil Jan Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
The ongoing range persisted coming out of the weekend, still likely to probe a fresh low momentarily for its rubber band effect to snap back up into a rally leg.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL))
Greeting the weekend by breaking to fresh lows in this product tends to persist coming out of the weekend, which was done by gapping down even lower Sunday night. Trending down sharply intraday to 3.54 offers an opportunity to form a bottoming pattern, still having intraday risk down to 3.33.

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